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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15 (d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 1,
2002
KAMAN CORPORATION
(Exact name of issuer as specified in its charter)
Connecticut 0-1093 06-0613548
(State or other jurisdictions (Commission (I.R.S.
of Incorporation) File Number) Employer
Identification
No.)
1332 Blue Hills Avenue
Bloomfield, CT 06002
(Address of principal executive offices)
Registrant's telephone number, including area code:
(860)243-7100
Not Applicable
(Former name or former address, if changed since last
report)
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Item 5. Other Events
The Company issued a press release dated August 1, 2002,
reporting its financial results for the second quarter and six
months ended June 30, 2002.
In the quarter, the Company recorded pre-tax charges totaling
$86.0 million (of which $52.7 million are non-cash) to cover the
write down of K-MAX helicopter assets, principally inventories;
for cost growth associated with the Australian SH-2G(A)
helicopter program; and to phase out operations at its Moosup,
Conn. plant. Details are provided in the release attached hereto
as Exhibit 99.
Including the pre-tax charges, the Company reported a net loss
for the second quarter of $50.4 million, or $2.25 loss per share
diluted, compared to a net loss of $12.5 million, or $0.56 net
loss per share diluted, in the 2001 second quarter. Excluding
the charges, 2002 second quarter net earnings were $5.6 million,
or $0.25 per share diluted. The 2001 second quarter loss
included a $31.2 million adjustment to sales and pre-tax earnings
associated with a change in estimated costs to complete the
SH-2G(A) helicopter program for Australia. Excluding the
adjustment, 2001 second quarter net earnings were $8.3 million,
or $0.36 per share diluted.
Revenues for the second quarter of 2002 were $209.4 million,
compared to $194.6 million the previous year. The Australia
program adjustments reduced revenue in the three-month period by
$6.5 million in 2002 and by $31.2 million in 2001.
For the 2002 first half, including the pre-tax charges, the
Company reported a net loss of $45.0 million, or $2.01 loss per
share diluted, compared to a net loss of $3.8 million, or $0.17
loss per share diluted in the same period last year. Excluding
the $86.0 million in pre-tax charges, the 2002 six-month net
earnings were $11.0 million, or $0.48 per share diluted.
Excluding the Australia program adjustment, 2001 six-month
earnings were $17.0 million, or $0.74 per share diluted.
Six-month period revenues were $432.7 million in 2002, compared
to $439.3 million for the first half of last year. The Australia
program adjustments reduced revenue in the six-month period by
$6.5 million in 2002 and by $31.2 million 2001.
The 2002 second quarter and six month results include a pre-tax
$1.9 million gain from the sale of the Company's microwave
products line. The 2001 second quarter and six month results
included gains from the sale of facilities of $0.7 million in the
first quarter and an additional $2.0 million in the second
quarter.
The tax benefit for the first half of 2002 is calculated at
approximately 34 percent and represents the combined estimated
federal and state tax effect attributable to the loss. In the
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2001 period, the Company adjusted its estimated tax rate to 25
percent, primarily due to reduced tax considerations on the
Australian helicopter program.
Please refer to Exhibit 99 for details on this and other Company
news in the quarter.
Item 7. Financial Statements and Exhibits
(a) Financial Statements of Business Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits.
The following document is filed as an Exhibit to this
Report:
Exhibit 99 - Press Release of the Company, dated
August 1, 2002.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this Report to be signed
on its behalf, by the undersigned, thereunto duly authorized.
KAMAN CORPORATION
/s/Robert M. Garneau
Executive Vice President
and Chief Financial
Officer
Dated: August 1, 2002
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EXHIBIT INDEX
Exhibit Description
99 Press Release of the Company, dated
August 1, 2002
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